Apartment Financing

1.	Up to 85% Loan to Value. Value is established by a Lender selected appraiser and includes an analysis of the complex's rents versus market value. On new construction you may use your equity you have in the land if you have owned the land 12 months or more.
2.	Interest rates vary daily but are usually well below bank financing and is ususally in the range of home finacing rates. On November 4, 2015 the 30 year rate was 3.53%.
3.	The project qualifies for the loan, not you. In other words, unlike a home mortgage, you re not going to be required to have a huge monthly salary to qualifiy for a several million dollar loan. The Lender does not ask for personal tax returns, pay stubs, bank statements or other documentation common on a home mortgage or bank loan.
4.	The project must be in an LLC or Corporation and the loan is made to that entity. You will not be required to personally guarantee the loan.
5.	Unlike most bank financing, this loan is amortized over 30 years and does not contain calls or balloons short of the 30 year term. The term of the loan may be shorter if the econonomic life of the project is determined to be shorter due to the condition of the property.
6.	Loan size ranges from $2.5 Million on the small side to $350 Million on the large side. Minumum 30 units.
7.	I am a broker, however you will be dealing with employees of the Lender before you are asked to pay anything. The Lender will do a complete analysis and if the project is determined likely to be ultimately approved, only then will you be issued an Engagement Letter and asked to pay for an Appraisal, Third Party Reports and a $5,000 fee to the lender.
8.	My fee is paid by the Lender. It does not cost more for you to use my sevices.
9.	This process takes four to six months to complete from the time we receive full information on the project (Rent Rolls, Operating Statements, Income Statements, etc.)
10.	There are Contruction funds available and Bridge loans available to assist in completing projects but the terms are slightly different than I have listed here.